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as well. welcome. >> mr. david cotton, commissioner of banks for the commonwealth of massachusetts. he has served in that position since november 2010 seeing supervision of 2,000 banks and credit unions with assets in excess of $325 billion. mr. cotney is an active contributor to consumer protection efforts both in massachusetts and nationally. in 2013 he was elected as vice chairman of the board of directors of the conference of state bank supervisors on whose behalf he testifies here today. welcome mr. cotney. miss shasky, cavelry. >> i'm director of treasury p crime enforcement or fincen. i'm here to discuss the work doing at fincen for illicit actors to exploit u.s. financial system as technological advances such as u.s. currency create new ways to move money. recognizing the potential for abuse ofer merging new payment methods and understanding that the antimony laundering protections must keep pace with these advancements fincen began working with our partners several years ago to study the issue. here is what we learned. illicit actors might decide to use virtual currency for many o
massachusetts, mr. lynch, is recognized. >> thank you, mr. chairman. i want to thank the members of the panel for coming forward and their willingness to help the committee with its work. i do want to say this at the outset, that my experience in massachusetts with the massachusetts health care, the so-called romney care, that was a precursor to this in many ways, i'm speaking of the affordable care act, also rolled out very, very, very slowly. that's my experience, being on the ground in massachusetts, when that plan went forward. so it was very slow in ramping up. of course, it didn't have the -- you know, the urgency of this program. it was sort of planned that way. and i also remember the medicare part "d" act which was a republican initiative also rolled out extremely slowly. and i know a lot of my seniors, i had to do 16 town halls around my district to try to tamp down the backlash because of the slowness of how that was ramped up. so this is not -- this experience is not out of line with those other two programs. and so i just wanted to make that note. i have had a chance to go out an
-- i don't know of a site, massachusetts when they started their site, had 123 people that signed up in the first month. it's now been an enormous success, if you had to vote today on massachusetts, i dare say 90% of the people would say, let's keep it, well, that over time had the same, not the same degree of glitches, but the same kind we're experiencing at the national site. >> different scale? >> exactly. there are going to be things that have to be addressed. some of it was avoidable and it's unfortunate we didn't catch this earlier and didn't address it earlier. that doesn't deny what our country recognizes as such an imperative. all of those who oppose, and criticize and all of those who really find fault are really not providing the kind of opportunities for alternatives. i mean, what is it we do if we don't do this what solutions are there that might provide a better solution than what we're looking at today. none of the critics i've seen have really been forthcoming in that regard. that's something i think american people ought to be asking. >> the exchanges where the state
of harvard, governor of massachusetts, united states senator. yes, and ambassador to england and secretary of state. lincoln taught himself. >> darn poor teacher, i'd say. >> i never said links con is a great man. maybe he isn't. but he's come a long way by the light of a pine knot with a shingle for a blackboard, charcoal for a pencil and a jack knife for an eraser. he taught himself to read and write and figure. and now he's president. >> but he won't be long. he's dead as a cock in a pit. thad stevens, republican foreleader in congress when advised of the president's decision to speak at gettysburg cemetery said the dead is going to eulogize the dead. >> that's it. the dead go to bury the dead. >> here's phil now. >> slower than mow lass ses. >> let me have "the new york times." >> that's phil still down at the depot this morning getting the train back to washington. he was there. said it wasn't much of a speech. >> says here exactly what happened. all it says is, president lincoln made a few remarks upon the occasion. >> everett, phil says, spoke longer than 57 minutes. one of the grea
of banks for the commonwealth of massachusetts. it is my pleasure to testify before you today on be-half behalf of the conference of ou state supervisor.hold i thank you forin holding this n hearing today to address the risks and benefits of virtual currency. theri risks of virtual currency include consumer protection, payment systems, national ity, m security, money laundering, and other illicit activities. the potential benefits are also differ.fits are speed and efficiency, lower transaction costs, and providin an outlet for the unbanked and underbanked. with these evolving payment technologies states are exploring the connection between existing money transmitter regulation and virtual currencies. state regulators have long supervised money transmitters to protect consumers and preserve national security and lawnete enforcement interests. state regulators are talking with industry and other regulators about evolving methods of moving funds. this includes virtual currencies, prepaid cards, vir mobile services, andtu peer to pier transactions. state regulators believe that ae ope
.cotney mr. cotney is an active contributor to consumer protection efforts both in massachusetts and nationally. in 2013 he was elected as vice chairman of the board of directors of the conference of state bank supervisors whose behalf he testifies here today. mrs., mr. cotney. miss shasky-cavalry, if you could start. >> chairman warner and merkley, rafrking members kirk and heller and members of the subcommittee. i'm jennifer s hachlt sky calvery, the director of the financial crimes enforcement network. i'm pleased to be here to i'm he discuss the work we're doing at finsen to prevent illicit actors from exploiting the u.s. financial system as technological advances such as g virtual currency create new ways to move money. recognizing the potential for abuse of emerging new payment a methods anymd understanding tha anti-money laundering l protections must keep pace with these advancements, finsen begag working with our partners several years ago to study the issue. here's what we learned.le illicit actors might decide to use virtual currency for many of the same reasons as le
was based on what was done in massachusetts. and the experience of massachusetts was that in the first month 153 or 63 people signed up out of ultimate 36,000. it was less than 1% signed up in that first month. partly because buying insurance is a complicated process for a lot of people. when they have more choices, it means they're going to take more time. there's no doubt that we've lost some time but the website is getting better each week. by the end of this month it will be functioning for the majority of people who are using it. they will be able to shop, see what their choices are. the prices are good. the prices are not changing during the open enrollment period that goes until march. so i think that we'll have time to catch up. what's also been expressed as a concern is the mix of people that sign up. we might end up having millions of people sign up. they're happy with their new coverage, but we've got more people who are older, more likely to get sick than younger and healthier. we've got to monitor that carefully. we always anticipated though that younger folks would be the last
. >> gentleman's time is expired. we recognize the gentleman from massachusetts. >> thank you very much. mr. chao, do you feel you had adequate opportunity to answer the question. >> i think i got my last word in. >> early this morning, beginning of the hearing, chairman issa asked you about the anonymous shopper function. do you recall that? >> yes. >> you said you would decide the direct cgi to disable it because of defects and chairman issa challenged you and accused of ordering the white house for political reasons do you recall that? >> will the gentleman yield? >> no. during that phrase, i think chairman issa handed you a document and i think it's probably still with you there -- >> yes. >> and the chairman said it showed there was no defects in the system and the function anonymous shopper, cgi tested it successfully. then he has blown up a box over a number of the other statements made on the right-hand side. it says 9/22, speech will be turned off day one, october 1. now, i've given you a sheet there that is clean from those boxes and just is the original document without the chairman's
was governor romney from massachusetts, governor palenti from minnesota and -- they were serious candidates. when he didn't catch fire in iowa, pawlenty dropped out. the other eight didn't drop out because they were selling books. this time around, look who is around the table. chris christie for sure. significant reforms in that state, $130 billion in reduced unfunded liabilities sta
massachusetts, governor palenti from minnesota and -- they were serious candidates. when he didn't catch fire in iowa, pawlenty dropped out. the other eight didn't drop out because they were selling books. this time around, look who is around the table. chris christie for sure. significant reforms in that state, $130 billion in reduced unfunded liabilities state pension system, ended the millionaires tax, no tax increase, period -- >> so he fits the governor norquist filter. he gets through? >> yeah. i think somebody you're looking at is somebody who can finance a campaign all the way through, look you in the eye and say confidence, seriousness -- >> rand paul? >> let me do the governors first and then we'll do the three senators, because i think the advantage is with governors. they can raise money more easily. the senator says, look what i did, but yeah, 50 other people voted the same way. >> christie is serious? >> christie, certainly. governor scott walker of wisconsin who has changed it from a blue state to a red state, changing labor laws and all sorts of things. >> who are you more for
, massachusetts.ca i know there's a large brazilia population in framingham.gham. i send examiners out every day to conduct examinations to do transaction testing, money going abroad. so we have the boots on the ground and a local understandint that these companies. then we pair that with the national perspective and knowledge of federal agencies who also interact on an international level.by by leveraging these strengths, i think we do a much better job ah detecting and preventing this de illegal activity. >> i appreciate bothnt those answers. do you have a sense about the importance of this activity being certained in the united states?es? what is it -- what benefits does our economy and environment gain by encouraging or at least not. discouraging the bitcoin from being centered here? >>. >> i think what we gain is our continued replation as being ths country where into va tors start new businesses. and something we would want to continue. i think the great challenge for the regulators are to encouragew innovation wherever we can and put smart regulation in place that tries to deal with risks
, kentucky, maryland, massachusetts, minnesota, nevada, new mexico, new york, oregon, rhode island, utah, vermont, and washington state. in all parts of our country, some with republican governors, some with democratic governors, but all with people who need leadership to help them find health care that they can afford. and it makes up nearly 40% of all the nation's small employers are in these states. that's who we're focused on today. we all know that the rollout of the individual insurance website has been disappointing, to say the least, but today's hearing is focused on implementing the rollout of the s.h.o.p. exchanges, which is the focus of our committee, where we had a lot of input into how this bill was designed, to emphasize the need for a better rollout, not just for individuals, but for small businesses. today, as i said, we are joined by states that accepted this challenge and responsibility to create state-based exchanges and did it well, as well as those who are having difficulty. for those states that have made the decision to operate their own s.h.o.p. marketplaces, we'r
from bin laden. so within 48 hours, the threat to massachusetts, boston, and the convention was completely eliminated. the thousands or millions of man hours that would have been wasted had it not been them giving us that investigation, they maybe still be standing on the bridges. maybe they would have prevented the marathon bombings by being there looking for the terrorists, but that was a tremendous savings. in my view, putting other analysts in beijing paid for itself in savings to u.s. taxpayers because of being able to resolve an issue of terrorism when there was no intent or knowledge that that office would be a key player in the war on terror. >> next question. yes, sir, here. >> john duncan, florida a&m university college of law. we talk about the chinese and japanese russian mafia here in the u.s. how about our u.s. gangs possibly overseas, and i'm thinking not only cooperation with other gangs, but also the national security impacts back on us. and because i say, you know, a lot of the new millionaires will be in china and russia and that's where the money is going
, but massachusetts, they did and it worked and god bless them. we were all looking for ways to expand and cover more people. then all of a sudden this comes down, they jump to 133. and i've said this. i said i don't -- i'm not worried about the computer glitch, the rollout, they'll fix that, that's mechanical. they've got a product, they've got a product problem. and the product problem is this. if we want to give the best care we can, right, medicaid and all that. but if i'm at 135% and you're at 132% and might be $400 between the cutoff, you might have more access than i have to something i'm being forced to buy and being penalized if i don't buy. that's a product problem. and we'll fix it. how do we give a young person the incentive to say i want to buy that insurance because when i'm 40, i'll have a good healthy track record and get discounts. if i don't get in, i can. >> i mean, the thing that strikes me about both of you guys, you're talking substantively about trying to fix things or enact things. and a huge part of the narrative is break it, repeal it, we're done with it. and i would ask you
was from massachusetts. as tip o'neil who later became speaker was as well. i think he was critical. i think in the senate leader was senator mike mansfield. he was a wonderful, wonderful man. and johnson and a very, very, you know, almost holy, almost saintly man. and johnson used to say, why do i have a saint for a majority leader. russell long, the chairman of the senate finance committee and wilbur mills, the chairman of the house ways and means committee. and it was -- russell -- richard russell, who was johnson's mentor and actually, i have a wonderful -- russell came to see johnson to tell him that he was going to have to filibuster on the voting rights act. on the civil rights act of 1964. and johnson and johnson said, classic johnson story. he said, you know, dick, and russell said, mr. president, i have to make a stand. there's a point at which i have to stand somewhere. and johnson said you know, dick, you remind me and he knew this would really grate on russell, he said of that negro boy in bed with that white woman and her husband comes home and she says, my god, it's my h
Search Results 0 to 16 of about 17 (some duplicates have been removed)

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